Challenges on way to becoming an developed economy

Editor's note: The high and moderately high economic growth rate during four decades of reform and opening-up has made China the world's second-largest economy, propelling it toward the ranks of high-income economies. A comment published on the personal WeChat account of Qin Shuo, a former media practitioner, says:

According to economists' estimate, China's GDP is expected to reach $21 trillion and per capita GDP $15,000 by 2025, elevating it to the rank of a developed economy－the figures expected to reach $40 trillion and $26,000 by 2035. However, such growth potential hinges on some major factors and whether the country can overcome the emerging risks and tackle the key issues.

Whether China's economy remains integrated with the rest of the world is a major factor that will influence the country's economic progress. As such, China has to amicably resolve its trade frictions with the United States while deepening reform and opening-up at home.

Intense competitions ignited by Sino-US frictions and leading to a military conflict, a food safety risk sparked by China's high dependence on grain imports, an ecological safety risk due to environmental degradation, a financial risk caused by the busting of real estate bubbles, or a social unrest risk owing to the widening rich-poor gap could disrupt China's economic development.

Whether China can master information and other new technologies to develop an innovation-driven economic pattern, and use urbanization to release the economic potential of farmers and rural areas will also decide the future of its economy.

High housing prices pose a big economic risk, which China needs to tackle by correcting the supply-demand relation and taking measures to provide housing for ordinary people. Without meeting the people's basic needs of food, clothing, housing and transportation, China cannot become a truly developed economy.

Moreover, China has to rejuvenate its vast undeveloped rural areas, and boost healthcare and eldercare services, which have become essential given the rising aging population, to keep on track to becoming an advanced economy.